The shareholders of Rak Unity Petroleum plc at its 12th Annual General Meeting (AGM) held recently in Lagos approved the company’s payment of N16.98million dividend for the financial year ended March 31, 2015. The dividend translates into 30kobo per share and represents 20 percent payout ratio of the company’s profit after tax (PAT).
While addressing shareholders, Muhammad Buba, chairman, Rak Unity Petroleum plc disclosed that in a bid to boost revenue and meet the demand of the market, the company plan to expand its network stations to meet the large market size.
Rak Unity Petroleum plc plans to expand its retail network by adding two additional stations in the East and West to the existing five stations in the next financial year.
Buba further noted that though the Oil and Gas industry faces some turbulence with the drop in the price of crude oil and highly volatile prices of refined petroleum products, the company is optimistic about its ability to respond swiftly and also proactive to the dynamics of the industry.
In the full year to March 31, 2015, the company’s revenue rose to N7.2billion compared to the N3.8billion recorded in the preceding financial year. Profit before Tax rose to N132.3million compared to N79.3million recorded in 2014. Profit after Tax rose from N53.9million to N89.8million. Earnings Per Share rose from 95kobo to N1.59.
At the AGM, shareholders commended the company for its performance and expressed support for its future plans.
Timothy Adesiyan, president, Nigerian Shareholders Solidarity Association (NSSA) commended the company for its impressive performance, making particular mention of the level of professionalism and service excellence that is driving the vision of the company.
“I can confirm that we shareholders are pleased with the level of progress being made in RAK Unity. We commend the board for the dividend declared and urge all stakeholders to remain focused and seek creative ways of navigating through the challenges that are ahead. However, I am confident that the future looks very bright for RAK Unity Petroleum,” Adesiyan added.
Also at the annual general meeting, Sunny Nwosu, national coordinator, Independent Shareholders Association of Nigeria (ISAN) commended the company for the new level of good corporate governance that is led by an independent board and company secretariat. He also commended the company for engaging the high level of professionalism in handling the books of the company and submission to external audit overseen by a reputable accounting firm.
Nwosu said: “We have seen a revival in performance in RAK Unity and we urge the board and management to remain committed to continuing efforts aimed at ensuring sustainable growth and profitability of the company.”
